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A series of questions and answers covering various aspects of minnesota life insurance regulations. it's valuable for those studying for insurance licensing exams or seeking to understand the legal framework governing the insurance industry in minnesota. The questions cover topics such as producer responsibilities, ethical conduct, licensing requirements, and regulatory compliance. the q&a format facilitates learning and knowledge retention.
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A producer offer a buyer $100 basketballs game tickets (not specified in the contract) introduce to purchase a policy, if the prospect purchase the policy and accepts the tickets, the Producer be will guilty of? ✔✔Rebate
All of the producers (except those who only transact credit insurance) must complete at least, how many hours of approved education course during 24 month licensing period? ✔✔30hours
If an insurer employee unlicensed producer, the commissioner can asses of following penalty? ✔✔$25 for each policy sold by unlicensed producer ($300 maximum Penalty per producer)
The commissioner of commerce is? ✔✔Appointed by Governor
All the following statement's pertaining to fair credit reporting act are correct, except ✔✔The fair credit repot is a state law that helps assure accurate reporting information about customer
All producers' financial record must maintained for at least ✔✔6years
All following types of product by producer are considered unethical, except ✔✔Readjusting group premium rate's base on current year's or expense
An insurance producer can be suspended or revoked from client for all of the following, except ✔✔Being charged with a misdemeanor not involving moral turpitude (immorality)
An insurance must keep record of the all fund received from client at least, How many years? ✔✔6years
Who beside the states regulates the sale of variable if insurance and insurance annuities? ✔✔security and change commission
Propert licensed agent legally represent? ✔✔Insurer
To qualify producer license, an applicant must ✔✔Pass the state exam
If nonresident producer license is terminated in his or her state of resident, the...? ✔✔The producer's license is terminated automatically in MN
Typically, within how many days must an applicant be notified the creditor report has been request by insurer? ✔✔3days
Which of the following statements regarding resident and nonresident license is CORRECT? ✔✔Person holding license in MN and also can hold license with good standing in their home state
How many hours relicensing education must applicants for pourer license complete? ✔✔45hours
What did the passed of the McCarren- Ferguson Act with accomplish with respect to regulation of the insurance industry? ✔✔Assured continued State regulation of insurance
All of the following about accelerated benefits provisions are correct, EXCEPT? ✔✔The money recieved as an accelerated benefit must be used to pay medical expenses
How often must the commissioner examine the book and the domestic insurer? ✔✔At least once every 5years
Assured Insurance company deals direct wit insurance and does not have any agents assured in a/an ✔✔Direct writer
Except for mass-marketed life insurance, individuals life insurance policies, CAN NOT be issued to anyone over, what age? ✔✔60years old
An insurance producer license can be voluntarily for all of the following, EXCEPT? ✔✔The insurance appointing the agent request it
All of the following the Agent Act would violate MN insurance law EXCEPT? ✔✔Changing healthy 30year old a lower life insurance premium than a diabetic 60year old
All of the following are duties of the commission, EXCEPT ✔✔Writing insurance laws
If insurance producer's license is revoked, he must wait at least how many years beggar applying for a new license? ✔✔2years
All accident and health insurance polices must be filed with commissioner at least how long before they can be used? ✔✔60days
Which of the following types of agent authority is specially set forth in writing in the agent's contract? ✔✔express
The following commission may suspend and insurance producer for committing all of the following acts except ✔✔being charged of the traffic violation
All of the following must have certificate of authority or licensed to conduct insurance business in MN except? ✔✔Anyone who works as employees of a creditor who are enroll debts for the life or accident or health insurance and RECEIVES NO COMMISSION
Morris license agent, his principal is the ✔✔Insurer
National association of insurance commissioner does not? ✔✔Prosecute and punish criminal violator in the insurance industry
The state guaranty association assures policy owner that ✔✔Their claim will be paid if insurer becomes insolvent
All of he following are prohibits acts except ✔✔refunding all the premium to a policy holder who decided to return his or her policy after 1 week
The commissioner have power to take all the following actions except ✔✔enact laws affecting the insurance business
who the license insurance agent represents in an insurance transaction is ✔✔the insurer
All of the following acts by an insurance producer would be violation of MN insurance law except ✔✔assuring an insured that his/her group certificate could be converted to an individual policy if terminated
All of the following are prohibited life insurance sell practices except ✔✔paying equable bonuses to participating insurance policies holders our of divisible surplus